Abcourt Mines Raises $4.5 Million in Private Placement, Establishes New Control Person
Abcourt Mines Inc. has completed a $4.5 million private placement of units, resulting in the creation of a new control person. The funds raised are designated for exploration and development activities.
Rouyn-Noranda, Canada – Abcourt Mines Inc. announced the closing of a $4.5 million private placement of units. The transaction resulted in the creation of a new control person for the company. Proceeds from the placement of 112.5 million units at $0.04 per unit will be used for exploration and development at the Sleeping Giant Gold Project in Québec.
The placement saw Noureddine Mokaddem invest $4 million, acquiring 100 million units and becoming the new control person, pending TSX Venture Exchange approval. Mokaddem, a mining engineer with 40 years of experience, has also been appointed to the corporation's board of directors.
Abcourt Mines CEO Pascal Hamelin stated he was pleased to welcome Mokaddem to the board, highlighting his experience as valuable for the company's growth phase. Hamelin also thanked outgoing director Daniel Adam for his contributions.
Securities issued in the private placement are subject to a statutory four-month hold period. The transaction remains subject to final acceptance by the TSX Venture Exchange.